Business Analytics uses data to make better business decisions. BA professionals use the data to make recommendations to enhance the organisation's efficiency, customer satisfaction, and profitability. Business analytics centres of analysis and extraction of historical data and actionable recommendations are suited for business strategy development.
Critical Areas in Business Analytics -
- Descriptive Analytics - Looking at historical information and trying to discover what has occurred and is likely to occur.
- Predictive Analytics - Applying data models to make predictions and to support decisions that will be made in the future.
- Prescriptive Analytics - Suggest strategies for improving business outcomes based on the outcomes of the analysis.
Skills Learnt in a Business Analytics Degree -
A business analytics program provides students with a balanced skill set that includes -
- Data Visualisation - Developing meaningful graphics with the help of Tableau or Power BI.
- Statistical Analysis - In this context, learning about different statistical approaches and understanding a research study as a statistical phenomenon.
- Business Strategy - Creating knowledge relevant to an organisation's objectives.
- Effective Communication - Turning research results into recommendations for the key players.
Common Career Paths in Business Analytics -
Graduates with a degree in business analytics can explore roles such as -
- Business Analyst - Analyses company data to identify trends and propose improvements.
- Operations Analyst - Focuses on enhancing operational efficiency using data-driven methods.
- Marketing Analyst - Uses data to optimise marketing campaigns and target audiences effectively.